Aysedasi, Spirit of Speed actually wasn't that bad...
Badoer Fan, F1 2000 was a shocker, but F1 2001 is brilliant, probably the racing sim of the year in my eyes.
Anyway, my list of least favourite racing sims probably extends to include these games:
1. Grand Prix 3 (PC)*
2. Touring Car Challenge (PC)
3. Dick Johnson V8 Racing (PC)
4. F1 '98 (PSX)
5. Ridge Race V (PSX)
Yes, it's a good game, very realistic and the like, but it
doesn't support Kyro II cards, so if you've got one you can't play it...